There’s a lot of threats in the business world, and if you’re stepping into it for the first time with debt on your shoulders, things are going to be a lot more risky than usual. It can be very hard to stay positive during a time like this, but you have ambitions for your career, and you know this is one of the best ways to start making the money you need to pay off any loans and their interest rates.
Maybe you’re slap bang in the middle of your journey of starting your own business, or you know you need to change careers to better pay off any potential debt coming your way – no matter what, it’s hard to make a go of your working world plans when debt is right around the corner. Even just the prospect of falling into it can stop you in your tracks, and make sure you never make a go of the career you really want from the world – and no one deserves to be paralyzed by financial fear!
And so, now’s the time to go through some of the best things to do when you’ve either lost your job, really need a better paying one, or you’ve got a business to establish. Financial guidance is incredibly important in the working world in general, so let’s try and make sure you’re getting the right kind of advice for times like this.
Work Out Your Schedule First
If you’ve got a schedule to work off of, you’ll be in a much better position to try and tackle a career change when your finances are less than secure and stable. If you know what hours you can work, as well as the time you can dedicate to a side hustle, as well as the free time you have which could be put to good use in budgeting and managing your finances, you’ve got a strong starting point to improve your accounts and credit score from.
You’re going to want to take on as many shifts as you can during a time like this, to try and build up your savings account. This is what you’ll fall back on, in order to pay the bills and the rent, as well as buy groceries and other domestic assets, whilst you search for another job or go about securing some venture capital to back your business idea. It’s incredibly easy to fall into debt during these 6 to 9 months ahead of you, so start out your schedule plan with this in mind.
It’s also incredibly important, if you’re looking to supplement your income (or eventually switch careers altogether!) to be able to dedicate a good portion of your working week to the side hustle that you love. Of course, what you get up to in the evening, usually the 5 to 9 shift, needs to be profitable, and not just enjoyable. You need to make money more than anything right now, after all. Being able to explore other avenues to increase your job satisfaction can come later.
Build an Emergency Fund at the Same Time
Speaking of savings accounts, make sure you’re focusing on an emergency fund, most of all. Emergencies are more likely to happen when your luck is already down, and they’re most likely to do the most damage when you’ve got little finances to back yourself up – preparing for them is the most responsible way to manage your financial and career orientated future.
Take it month by month; if you’ve already got an annual budget sheet to use as a reference here, this is going to be a lot easier to budget and account for. Then you need to work out what would be realistic for you to save – the closer you can get to matching the expenses you pay out in half a year, the better! This gives you 6 months of wiggle room, and in the financial world, that’s a long time.
And even if you can’t save much, month by month, make sure you’re always putting a little bit away every time you get a paycheck through. Even if you’re only bringing home about $500 per month, a couple of dollars saved away every single time is going to add up and up. You’ll be proud of yourself, once you see the results about 6 months down the line.
You might also want to take out a new bank account, in the form of a high-interest savings account. The more money you put in, and the longer you leave that money untouched, the better the amount of cash you’ll garner from the interest rate and its boundaries – people can make thousands in even just a year or two like this.
Get Some Advice on Your Options
You always have options, no matter where you are in life, no matter what your finances look like, and no matter if you have a job that can take care of you or not. If you manage to reach out to the right people, usually those who can offer financial advice that’ll guarantee success in the future (if not in the here and now), make sure you take their words to heart.
Don’t worry – even just typing your need for advice into Google is going to ping back thousands of results, and mostly from reputable sources you can be sure to trust. Debt is something we know a lot about these days, and because it happens to so many of us in our lifetimes, there’s a wealth of advice on offer for people in situations like yours.
Plenty of chat board sites, as well as social media, can present similar cases to yours to read through and take a bit of inspiration from. If someone managed to switch careers successfully, during a rough debt period, there’s a strong chance you’ll be capable of the same thing! It’s perfectly fine to reach out to a company like McCarthy Law PLC, for a quick chat and an assessment, but there’s always plenty of online information right at your fingertips too. Use that as a starting point, and then get in touch with a professional.
Think About a Little Bit of Insurance
Insurance, by definition, exists to cover you. And during a time like this, when your career options seem choppy, and you have little to no source of renewable income, you might want to look into some insurance options. After all, there are far more insurance types out there than you might think.
They can make sure you’re in no chance of losing the money you do have, or losing any of the value over the assets you still manage to hold – you don’t want to lose anything else during a time like this; what you’re worth at the moment, even with debt on your shoulders, is one of the best assets for guaranteeing you get out of this situation. Not to mention the insult to injury.
Things such as replacement insurance, especially for your vehicle (if you own one), will pay you what your assets are worth at the time of losing them, if you ever do. An insurance policy like this will guarantee you some money back, and that’s money you can put to good use. So if you can afford to take out, or even increase a policy you currently hold, make a note to look into how it might help you whilst you’re between jobs.
And Don’t Let Yourself Forget About Potential Passive Income
Have you heard of passive income before? It’s a wonderful addition to your bank account, but it can take some time to set up. Of course, if you already have a side hustle you’ve been able to make money through, this one is a very viable option for you!
Passive income is money you make without even trying. If you’ve got a blog that’s monetized, or you’re selling your own printables or an e-book online, you can make passive money from time to time. And even just having a few pennies in the background can make your decision, or need, to move careers a lot more stable at a time like this.
If you’re someone who likes to use their voice, or you have a background in video editing or production, you can turn your skills to making Youtube videos, and joining a partner program, or sign up with an affiliate program. There is quite a few ways to make money via a passive stream, and often enough, the freedom of creativity with it can make the entire process rather enjoyable.
Do you think switching your career is the right choice right about now?
Because even if debt is bearing down on your shoulders, there are always some ways to do what you want without breaking what’s left of the bank.